CUPERTINO, Calif.--(BUSINESS WIRE)--Seagate Technology plc (NASDAQ:STX) announced that it has increased the
size of its previously announced offering of $300 million aggregate
principal amount of senior notes due 2034 (the “Notes”) to $500 million.
The Notes were priced at 99.706% of the aggregate principal amount and
will bear interest at a rate of 5.75% per annum. The Notes will be
issued by Seagate HDD Cayman (“HDD Cayman”), an indirect wholly-owned
subsidiary of Seagate Technology plc (“Seagate”), and guaranteed by
Seagate Technology plc.

The Notes are being sold in a private placement to qualified
institutional buyers pursuant to Rule 144A and Regulation S under the
Securities Act of 1933, as amended (the “Securities Act”). The sale of
the Notes is expected to close on December 2, 2014, subject to customary
closing conditions.

Seagate estimates that the net proceeds from the offering will be
approximately $492 million after deducting underwriting discounts and
estimated offering expenses.

HDD Cayman intends to use the net proceeds from the offering for general
corporate purposes, which may include, but are not limited to, the
retirement of a portion of its existing indebtedness (including funding
the redemption of all of its remaining outstanding 6.800% Senior Notes
due 2016), capital expenditures and other investments in the business.

About Seagate

Seagate is a world leader in hard disk drives and storage solutions.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes nor shall there be any sale of
the Notes in any state in which such offer, solicitation or sale would
be unlawful. The Notes to be offered have not been and will not be
registered under the Securities Act, or applicable state securities
laws, and may not be offered or sold in the United States absent
registration or pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933 and applicable
state securities laws.